Three Chinese retail giants have recently joined hands to tap the potential of thecountry's chain-store market. The three companies are the Beijing Xidan Market Co. Ltd, the Shanghai Huailiand Supermarket Co. Ltd and the Beijing Chaoshifa Chain Store Co. Ltd. They have established the joint-venture company Beijing Xidan Hualian Supermarket Co Ltd. The joint-venture company plans to open 500 chain stores in Beijing and nearby regions within three years, 100 of which will be opened this year. Their targeted annual sales is $361 million. The move is aimed at meeting the challenge from foreign chain store giants such as Wal-Mart Stores and Carrefour.
Copyright February 2001, Crain Communications Inc.